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King's Bay Gold Corporation receives the final issuance 3,600,000 shares for the Headway Project in Red Lake, Ontario
(via Thenewswire.ca) Winnipeg, Manitoba - November 29th, 2012 King's Bay Gold Corporati...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation receives the final issuance 3,600,000 shares for the Headway Project in Red Lake, Ontario\n\n(via Thenewswire.ca)\n\n \nWinnipeg, Manitoba - November 29th, 2012\n\n\n \nKing's Bay Gold Corporation (TSX.V: KBG) (\"King's Bay Gold\") is pleased to report that it has received the final earn-in option agreement share issuance from Mega Precious Metals Inc. (TSX.V: MGP) (\"Mega\"). The final share issuance consisted of 3,600,000 common shares of Mega. King's Bay Gold now holds an aggregate total of 3,982,500 common shares of Mega from the initial, 1st anniversary, 2nd anniversary, 3rd anniversary and final earn-in distributions thus closing all obligations and transferring 100% ownership of the Headway Project property to Mega. \n\n \n \nKing's Bay Gold is very pleased to be in a great position to continue following through on its exploration plans. Immediate plans will focus on the Menary Gold Project with channel sample assays grading as high as 243.00 g/t Au on surface (see the news release of December 12th, 2011) and on the Darkwater Gold Mine at Sturgeon Lake property with historic bulk sample grades as high as 32.04 g/t Au as obtained during historic bulk sampling (not NI 43-101 compliant - see the Geology at the Darkwater Mine by H.C. Horwood 1937 at http://www.kingsbaygold.com/properties/sturgeon-lake-gold-property/ ).\n\n \n \nKyle Picard, King's Bay Gold's President and CEO states: \"This final payment from Mega puts King's Bay Gold back on track to build shareholder value through the exploration of our current portfolio of projects and through future acquisitions or joint-ventures on new projects. With great projects, growing assets and a talented management team, King's Bay Gold is now well positioned for growth going into the future.\"\n\n \n \nSince October 5th, 2009, Mega has drilled 3 deep holes that have proven the geological model to a depth of 2,601 metres at the Headway property. Based upon the current drill locations, Mega has reported that they've doubled the potential mineralized footprint and in the process have acquired much needed geological / geotechnical information that is essential to future drilling which will outline high grade mineralization zones. \n\n \n \nThe Board of Directors and Management of King's Bay Gold wishes Mega every success as they continue to explore the ...